We may need some new impetus to get past the highs we've hit this year.
The market's at the top of a range here. The earnings reporting period basically ended with Dell and now the market is waiting for a new catalyst.
You're seeing a knee-jerk reaction to the tremendous gain in energy prices. It's also a reaction to the contrived gain on Friday.
If it comes in too weak, you get worries about the economy. If you get a blowout number, everyone will get obsessed about interest rates again, the bond market will go into a tizzy, and stocks will slide.
Intel's news will have an impact on tech tomorrow, but it's going to be overshadowed by the jobs report.
It was a very disappointing session. You would think after all these down days we would get a bounce, but when the market gets in a funk, it puts a negative interpretation on everything and finds any reason to sell off.
We saw a 2 or 3 percent pullback in early November and it has come back since then. What could take us higher in December is a good pre-announcement season.
The silver lining on this is that it confirms that the Federal Reserve will not be raising interest rates anytime soon, which is good news for the market.
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